Market Analysis – February 16
USDJPY bulls have taken control of the market again after losing it to the sellers in November. The market has reached the immediate resistance level of 134.40.
USDJPY Key Levels
Demand Levels: 131.30, 127.50, 114.70
Supply Levels: 134.40, 138.00, 150.90
USDJPY Long-term Trend: Bullish
The market followed an uptrend all through the year until November. Prominent pullbacks were observed in June and August. The market declined to the lower band of the Bollinger during this period. The Stochastic aided to signify the resumption of the uptrend by revealing the market was oversold in June and August. A double-bottom chart pattern also signaled the resumption of the uptrend in August. The daily candles fired up to a supply level of 150.90.
The buyers got exhausted at 150.90. The bears took control of the market in November. A large-sized bearish candle dived to 138.00 to establish the bearish trend. The daily candles assembled orderly within a bearish channel to attack demand levels.
USDJPY Short-term Trend: Bullish
A change of character (ChoCH) played out after the market reached the support level of 127.50. The current year opened in the oversold region. The trend change has pushed the market to reach the immediate resistance level of 134.40. The Stochastic indicator shows the market is currently overbought. A retracement to 131.30 is expected to foster bullish displacement.
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